Fortinet, Inc. (NASDAQ:FTNT) Shares Acquired by Empower Advisory Group LLC

Empower Advisory Group LLC increased its position in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 1.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,022,383 shares of the software maker's stock after buying an additional 14,159 shares during the quarter. Empower Advisory Group LLC owned about 0.13% of Fortinet worth $96,595,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in FTNT. Bleakley Financial Group LLC grew its stake in shares of Fortinet by 4.8% in the 3rd quarter. Bleakley Financial Group LLC now owns 8,659 shares of the software maker's stock valued at $672,000 after purchasing an additional 399 shares during the last quarter. Claro Advisors LLC purchased a new position in shares of Fortinet in the 3rd quarter valued at approximately $162,000. Trust Point Inc. purchased a new position in shares of Fortinet in the 3rd quarter valued at approximately $220,000. Stratos Wealth Advisors LLC grew its stake in shares of Fortinet by 15.7% in the 3rd quarter. Stratos Wealth Advisors LLC now owns 23,880 shares of the software maker's stock valued at $1,852,000 after purchasing an additional 3,233 shares during the last quarter. Finally, Net Worth Advisory Group purchased a new position in shares of Fortinet in the 3rd quarter valued at approximately $660,000. Hedge funds and other institutional investors own 83.71% of the company's stock.

Fortinet Trading Down 0.3 %

Fortinet stock traded down $0.38 during trading on Thursday, hitting $114.19. The company's stock had a trading volume of 6,894,667 shares, compared to its average volume of 4,658,832. The stock has a market capitalization of $87.52 billion, a price-to-earnings ratio of 50.53, a P/E/G ratio of 4.19 and a beta of 1.01. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.39 and a current ratio of 1.47. The stock's fifty day moving average is $99.88 and its 200 day moving average is $87.93. Fortinet, Inc. has a 1-year low of $54.57 and a 1-year high of $114.82.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Thursday, February 6th. The software maker reported $0.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.60 by $0.07. Fortinet had a return on equity of 256.53% and a net margin of 29.30%. As a group, equities research analysts predict that Fortinet, Inc. will post 2.09 EPS for the current year.

Insider Activity

In other Fortinet news, Director William H. Neukom purchased 355 shares of Fortinet stock in a transaction that occurred on Friday, December 6th. The stock was purchased at an average price of $98.50 per share, with a total value of $34,967.50. Following the completion of the acquisition, the director now owns 150,245 shares of the company's stock, valued at approximately $14,799,132.50. This trade represents a 0.24 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Keith Jensen sold 23,500 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $113.56, for a total value of $2,668,660.00. Following the transaction, the chief financial officer now directly owns 4,736 shares in the company, valued at approximately $537,820.16. This represents a 83.23 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 87,110 shares of company stock worth $8,751,689. 18.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

FTNT has been the topic of several analyst reports. Guggenheim reiterated a "neutral" rating on shares of Fortinet in a research note on Friday, February 7th. Hsbc Global Res raised Fortinet from a "hold" rating to a "strong-buy" rating in a report on Monday, November 11th. Scotiabank raised their price target on Fortinet from $115.00 to $135.00 and gave the company a "sector outperform" rating in a report on Friday, February 7th. TD Cowen lifted their price objective on Fortinet from $90.00 to $105.00 and gave the stock a "buy" rating in a report on Tuesday, November 19th. Finally, Cantor Fitzgerald lifted their price objective on Fortinet from $95.00 to $110.00 and gave the stock a "neutral" rating in a report on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, nineteen have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $103.72.

Fortinet Profile

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.